Selling a car is a process that is not only the handing over of the keys, but also the transfer of CASCO and GO.They are formed through a number of administrative procedures, among which is the transfer of insurance policies.
CASCO transfer
Understanding the CASCO transfer rules and „Civil Liability“can save the parties to the transaction both time and potential financial losses. It is important to know how to proceed with the existing insurances - "Civil liability" and "Autocasco", because the procedures for them are different and it is recommended to comply with the legal requirements and the conditions of the insurance companies.
Civil liability
Insurance „Civil liability“is related to the vehicle, not its owner.This means that when the vehicle is sold, the policy can remain valid until its term expires.However, the new owner must take certain actions.Within 14 days after the transfer, he is obliged to notify the insurer of a change in ownership by presenting a copy of the sales contract and the new registration certificate.
After transfer
The insurer issues an addendum to the policy reflecting the new data.Until an annex is concluded, the policy is valid, but in the event of an event, complications may arise with the compensation due to outdated data.The new owner has the right to terminate the policy within one month of acquiring the car if he wishes to conclude a new one with another company.When concluding the transaction, it is recommended that the parties take into account the residual value of the policy when forming the final price of the car.
Obstacles
If the car is sold without a valid MOT, the new owner must immediately insure it, as driving without insurance is punishable.Unlike the mandatory „Civil liability“, CASCO insurance is not only related to the car, but also to its ...
Selling a car is a process that is not only the handing over of the keys, but also the transfer of CASCO and GO.They are formed through a number of administrative procedures, among which is the transfer of insurance policies.
CASCO transfer
Understanding the CASCO transfer rules and „Civil Liability“can save the parties to the transaction both time and potential financial losses. It is important to know how to proceed with the existing insurances - "Civil liability" and "Autocasco", because the procedures for them are different and it is recommended to comply with the legal requirements and the conditions of the insurance companies.
Civil liability
Insurance „Civil liability“is related to the vehicle, not its owner.This means that when the vehicle is sold, the policy can remain valid until its term expires.However, the new owner must take certain actions.Within 14 days after the transfer, he is obliged to notify the insurer of a change in ownership by presenting a copy of the sales contract and the new registration certificate.
After transfer
The insurer issues an addendum to the policy reflecting the new data.Until an annex is concluded, the policy is valid, but in the event of an event, complications may arise with the compensation due to outdated data.The new owner has the right to terminate the policy within one month of acquiring the car if he wishes to conclude a new one with another company.When concluding the transaction, it is recommended that the parties take into account the residual value of the policy when forming the final price of the car.
Obstacles
If the car is sold without a valid MOT, the new owner must immediately insure it, as driving without insurance is punishable.Unlike the mandatory „Civil liability“, CASCO insurance is not only related to the car, but also to its owner, since many individual factors are taken into account when concluding it.
First chance
When selling a CASCO-insured car, the old owner has two main options: First, he can terminate the policy early and receive a refund of the unused portion of the premium, minus the administrative costs of termination (usually between 10-20%).
Second chance
Second, it can transfer CASCO insurance to the new owner, which requires express consent from the insurer.This is done by submitting an application accompanied by documents for the transfer of ownership.The insurance company assesses the risk associated with the new owner and has the right to refuse the transfer or offer a change in terms, including additional payment of the premium.
Transfer of insurance
Some insurers offer an option to transfer the insurance to another car of the same owner.This can be advantageous if the seller is planning to purchase a new vehicle.The CASCO transfer must take place within 7 to 14 days of the official change in ownership.This is to avoid the period without coverage, which can have serious financial consequences when an insured event occurs.
For any transfer, the required reference documents are:
- Contract for the purchase and sale of the car;
- Vehicle registration plate (small and large);
- Identity cards of the seller and the buyer;
- Existing insurance policies ("Civil Liability" and "Auto Casco");
- Application to the insurer for a change of ownership (for "Civil Liability") or for transfer/termination (for "Auto Casco").
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Selling a car is a process that is not only the handing over of the keys, but also the transfer of CASCO and GO.They are formed through a number of administrative procedures, among which is the transfer of insurance policies.
CASCO transfer
Understanding the CASCO transfer rules and „Civil Liability“can save the parties to the transaction both time and potential financial losses. It is important to know how to proceed with the existing insurances - "Civil liability" and "Autocasco", because the procedures for them are different and it is recommended to comply with the legal requirements and the conditions of the insurance companies.
Civil liability
Insurance „Civil liability“is related to the vehicle, not its owner.This means that when the vehicle is sold, the policy can remain valid until its term expires.However, the new owner must take certain actions.Within 14 days after the transfer, he is obliged to notify the insurer of a change in ownership by presenting a copy of the sales contract and the new registration certificate.
After transfer
The insurer issues an addendum to the policy reflecting the new data.Until an annex is concluded, the policy is valid, but in the event of an event, complications may arise with the compensation due to outdated data.The new owner has the right to terminate the policy within one month of acquiring the car if he wishes to conclude a new one with another company.When concluding the transaction, it is recommended that the parties take into account the residual value of the policy when forming the final price of the car.
Obstacles
If the car is sold without a valid MOT, the new owner must immediately insure it, as driving without insurance is punishable.Unlike the mandatory „Civil liability“, CASCO insurance is not only related to the car, but also to its ...
Selling a car is a process that is not only the handing over of the keys, but also the transfer of CASCO and GO.They are formed through a number of administrative procedures, among which is the transfer of insurance policies.
CASCO transfer
Understanding the CASCO transfer rules and „Civil Liability“can save the parties to the transaction both time and potential financial losses. It is important to know how to proceed with the existing insurances - "Civil liability" and "Autocasco", because the procedures for them are different and it is recommended to comply with the legal requirements and the conditions of the insurance companies.
Civil liability
Insurance „Civil liability“is related to the vehicle, not its owner.This means that when the vehicle is sold, the policy can remain valid until its term expires.However, the new owner must take certain actions.Within 14 days after the transfer, he is obliged to notify the insurer of a change in ownership by presenting a copy of the sales contract and the new registration certificate.
After transfer
The insurer issues an addendum to the policy reflecting the new data.Until an annex is concluded, the policy is valid, but in the event of an event, complications may arise with the compensation due to outdated data.The new owner has the right to terminate the policy within one month of acquiring the car if he wishes to conclude a new one with another company.When concluding the transaction, it is recommended that the parties take into account the residual value of the policy when forming the final price of the car.
Obstacles
If the car is sold without a valid MOT, the new owner must immediately insure it, as driving without insurance is punishable.Unlike the mandatory „Civil liability“, CASCO insurance is not only related to the car, but also to its owner, since many individual factors are taken into account when concluding it.
First chance
When selling a CASCO-insured car, the old owner has two main options: First, he can terminate the policy early and receive a refund of the unused portion of the premium, minus the administrative costs of termination (usually between 10-20%).
Second chance
Second, it can transfer CASCO insurance to the new owner, which requires express consent from the insurer.This is done by submitting an application accompanied by documents for the transfer of ownership.The insurance company assesses the risk associated with the new owner and has the right to refuse the transfer or offer a change in terms, including additional payment of the premium.
Transfer of insurance
Some insurers offer an option to transfer the insurance to another car of the same owner.This can be advantageous if the seller is planning to purchase a new vehicle.The CASCO transfer must take place within 7 to 14 days of the official change in ownership.This is to avoid the period without coverage, which can have serious financial consequences when an insured event occurs.
For any transfer, the required reference documents are:
- Contract for the purchase and sale of the car;
- Vehicle registration plate (small and large);
- Identity cards of the seller and the buyer;
- Existing insurance policies ("Civil Liability" and "Auto Casco");
- Application to the insurer for a change of ownership (for "Civil Liability") or for transfer/termination (for "Auto Casco").